E9 1973 fully restored Now Insurance

I have bundled auto and home with State Farm. When I took my coupe to drivers' schools they said no problem. It is a school. I asked to up Agreed Value by $10k - done. It is at $55k now. Premium about $300 a year.

We live in a deep forest with 100 foot oaks and others. Two months ago on a Sat. one of the 100 footers fell about 20 feet horizontal to the house. Adjuster was here on Monday, looked at the garage roof which had taken quite a bit of the impact, first level where the coupe lives, untouched.

He cut a very generous check for the roof, a walkway light he found on line to match the others, and a planter. Even after the $2,000 deductible we came out okay. Our red tipple parking area was pretty chewed up with the tree removal, SF covered all of that, so I sent photos and they covered refreshing the tipple. Could not be happier with SF.

But, and there is always one of them, I have had no auto claims with them. We shall see.
 
I had my Coupe shipped from Hawaii to Ft. Lauderdale. The moment I paid the PO, Hagerty said the car was insured for my agreed upon value,even though I did not have the title.
There was minor damage in shipping and Hagerty not only covered the claim, they gave me 5 places in the area where they approved the repair. Then I had another minor accident to the front fender lip that cracked the paint. The Hagerty approved shop could not perfectly match the 14 year old custom color paint. Hagerty paid for a complete paint job. Now that's how they will cover your claims. You must have the car in a garage to qualify for their insurance.
 
The "value" is about the market not the number of years or factors. Finally, and I mean finally some BMW's are actually starting to bring some decent prices. I think the E9 is finally getting some respect that we all know it deserves. Actually in some ways all the rusted away E9's are reducing the supply and the non rust and rotisserie restored cars will rise to the top like a few we have seen on BAT.
BMW's except for the extremely desirable and rare 328, 507, M1, 2002 Turbo, E9 CSL and more recently to some extent the Z8 are the super cars. 507's being at the top of the list at over $2 million for good ones.
 
Per Haggerty: 1973 E9
Fair condition=$27,000
Good condition=$55,000
Excellent condition = $101,000
Concourse= $130,000

Today I drive over to the Insurance guy to review the car and receive the premium costs

As I am in Michigan we have very expensive car insurance so expect a minimum of $500 per year will advise.
 
Arde said:
The MSRP for that car in 1973 was $10.634, you multiply by 5.81 to get 2020 dollars, so that car new today would cost $61.677, now you multiply by 0.9
because condition is 9/10 and you get $55.509 as the value to insure it for.

I am happy with Hagerty but I have never had to submit a claim.

I hear conflicting stories on whether they would cover incidents on occasional use. Sometimes I think it is best to self-insure (beyond liability) because I know I would cover occasional use and be flexible with myself on claims. How many cars does one need to own for self-insurance to make sense statistically?
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Yes, Arde your figures were very captivating. And notice there is an S on figure.
I even looked and used one of the online calculators. Same number. Seems low to me but that's because of the "market" which is finally catching on.
 
When I first signed up with Hagerty, I had to send photos of the car in the garage. They require you document a DD and that the car is stored indoors. I have since put on 4 other cars and they never ask for pictures etc anymore.

Again, just wish Hagerty extended to DD's. I have Mapfre which is horrible, they seem to alter who drives what (5 drivers in the house) and re-assess my cars and send a bill with zero explanation. Pot hole destroyed my rim and spindle, they fight with me because "a pothole cannot cause that kind of damage" Really.

My agent retired, told me to look at Amica which I am doing.
 
Grundy is strict with how and where you drive your car. Hagerty a little less so. The other carriers will let you do a stated value, but then claim time will depreciate it if they think the actual cash value is lower. Read the fine print. I'm with Hagerty.
 
DennisLJacob said:
Grundy is strict with how and where you drive your car. Hagerty a little less so. The other carriers will let you do a stated value, but then claim time will depreciate it if they think the actual cash value is lower. Read the fine print. I'm with Hagerty.
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I'm not sure that is true. I'm with Grundy. Hagerty and Grundy seem to be identical. Parades and car shows, and occasional personal use. No daily drivers, but no mileage reporting for either company. I drove one of my collector cars on a 2500 mile trip and called Grundy to make sure that would be OK. The car wouldn't be in a locked garage at night. Grundy said "No problem. Thanks for letting us know". Also, no up charge from Grundy for modified cars (I have two originally 4 cylinder cars now with V8s). Hagerty has an up charge if the replacement motor is more that 50 HP over the original.

If you know of an insurer that will take a premium for a stated value, then not honor that at claim time, you should report them. It's illegal.
 
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Dick, I've read a bunch of policies and somewhere in the small print they'll say they won't pay more than cash value - even if your stated value is higher. I've also seen clauses that say if you have a radar detector they won't cover you - Geico for instance.
 
I believe this is the difference between State Farm's definition of agreed value and Hagerty's, this is why I dropped it off my SF home/car bundle and went with Hagerty and subsequently Heacock.

DennisLJacob said:
Dick, I've read a bunch of policies and somewhere in the small print they'll say they won't pay more than cash value - even if your stated value is higher. I've also seen clauses that say if you have a radar detector they won't cover you - Geico for instance.
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My bad. I was thinking "agreed value" (which both Hagerty and Grundy offer...others also). "Stated value" does not guarantee you will get what you think (and state) the value is. Dennis is correct about "stated value" policies. Not what you want with a collector car.
 
pickman said:
Per Haggerty: 1973 E9
Fair condition=$27,000
Good condition=$55,000
Excellent condition = $101,000
Concourse= $130,000

Today I drive over to the Insurance guy to review the car and receive the premium costs

As I am in Michigan we have very expensive car insurance so expect a minimum of $500 per year will advise.
Click to expand...

Ask yourself, how much money would it take to replace your car to the condition that it is in. That is the ballpark figure I used when determining the agreed upon value. Hagerty required photographs.
 
I used the same reasoning that Stan just stated. Interestingly, when the car sold on BAT last October, the figure I received from the sale was exactly the same as the insured value!

I've been using American Collectors Insurance for about 20 years on my non-DD cars. I've had two claims, one was for a car totaled while track driving in Canada. Investigation was a bit challenging, but within 2 weeks I had the full agreed to value offer (I chose about a 10% lower offer and kept the car). Second was an incident while the car was parked, which the driver of the truck that hit it lied about (no witnesses). Am. Collector's paid for repair at an absolute top level shop, minus my deductible. I was pleased with both settlements.

Gary
 
Hagerty insures my CS, Bavaria, and 07 and 08 Z4 coupes for $1500 annually for all cars combined. This saved me well over $2,000 per year, probably $3,000. They insure certain later model cars. I am self employed and work from a home office which helps limit the use of my cars. I just bumped the stated value from $35k to $60k for the CS and the cost was $21 (after seeing what some of the CS coupes were selling for on Bring a Trailer I still may be low on the value). My policy renews in September so I'm sure the $21 is a proration for 2 months. My brother in law called them inquiring about his 2017 Corvette and he said it wasn't eligible. Perhaps he stated that he uses the car for running errands or going to clients. I don't know if my having a couple older cars with them for years has any impact on what other cars they will insure.
When deciding on what car to buy for a newer car, it might be worthwhile to consider eligibility with Hagerty as the insurance savings over ten years could help pay for the car you buy, or almost pay for the car.
 
Had Hagerty for over a decade and switched to Grundy last year. My premium had doubled in the last 5 years for absolutely no good reason. I switched to Grundy and my premium was cut in half. Hagerty used to be great. In discussions with others the consensus is Hagerty used to be run by fellow car people but now is just a business with not much interest in the hobby.
 
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